Chinese phone maker Yuho mobile has recently laid down its plan to invest Rs 5 billion to start its production in India as it looks to touch the Rs 10 billion sales mark by the end of next year.
According to PTI, Yuho Mobile Business Head (Distribution Sales) Rajeev Tiwari told “We are planning to invest Rs 500 crore by next year. We are talking to Foxconn for setting up a manufacturing facility at Noida, near Delhi,”.
The company will outsource manufacturing of the handsets and is looking to have a capacity to produce 1 million units annually, he added.
Tiwari said that the production is likely to start from mid-2018. Apart from the Indian market, this facility will also cater to the SAARC countries like Nepal, Bangladesh, Sri Lanka, Vietnam and the Philippines.
Yuho Mobile Pvt Ltd launched its India operations four months back and is currently having a sales of Rs 3 million every month, he added.
Tiwari further added that in the first phase, they aim to be present through 7,000 outlets in North and East regions of India. In the second phase, their target is to be present in 10,000 outlets across the country. A total business topline of Rs 10 billion by 2018 should keep them in good stead.
The company today rolled out three models for the North Eastern market, priced between Rs 6,000 and Rs 15,000.
Tiwari said the company is aiming to be present in the region through 700-800 sales outlets within next three months.